GREYSTONE PARK HOSPITAL MAIN BUILDING REDEVELOPMENT FEASIBILITY ASSESSMENT PARSIPPANY-TROY HILLS, NJ

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1 GREYSTONE PARK HOSPITAL MAIN BUILDING REDEVELOPMENT FEASIBILITY ASSESSMENT PARSIPPANY-TROY HILLS, NJ Prepared for: State Of New Jersey Department Of The Treasury Division Of Property Management And Construction Prepared by: Urban Partners with KSK Architects Planners Historians URS Corporation, 2013 Final Report

2 TABLE OF CONTENTS 0. EXECUTIVE SUMMARY... PAGE 1 1. INTRODUCTION... PAGE 7 CURRENT CONDITION OF THE MAIN BUILDING... PAGE 7 SECTIONS OF THE MAIN BUILDING... PAGE 7 2. DEMOGRAPHICS... PAGE 9 3. MARKET ANALYSIS... PAGE 11 FOR-SALE HOUSING MARKET... PAGE 11 RENTAL HOUSING MARKET... PAGE 13 ASSISTED LIVING FACILITY MARKET... PAGE 16 OFFICE MARKET... PAGE 17 RETAIL MARKET... PAGE 19 EVENTS VENUE... PAGE 20 HOTEL/LODGING MARKET... PAGE 21 SUMMARY OF MARKET POTENTIAL... PAGE HISTORIC STRUCTURE REPORT... PAGE 24 INTRODUCTION... PAGE 24 HISTORIC PRESERVATION TAX INCENTIVES PROGRAM... PAGE 24 THE SECRETARY OF THE INTERIOR S STANDARDS FOR REHABILITATION... PAGE 26 SUMMARY OF THE HISTORY AND SIGNIFICANCE OF GREYSTONE PARK... PAGE 26 PERIOD OF SIGNIFICANCE... PAGE 32 CHARACTER DEFINING FEATURES... PAGE 32 SUMMARY PHYSICAL DESCRIPTION & CONDITIONS ASSESSMENT... PAGE 41 TREATMENT PHILOSOPHY... PAGE 62 TREATMENT RECOMMENDATIONS... PAGE 69 CONCLUSION... PAGE UNDERLYING ASSUMPTIONS FOR REDEVELOPMENT... PAGE REDEVELOPMENT ALTERNATIVES... PAGE 74 INTERIM BUILDING STABILIZATION & DEMOLITION... PAGE 75 SITE IMPROVEMENTS... PAGE 75 DESIGN CONSIDERATIONS FOR REDEVELOPMENT ALTERNATIVES... PAGE 76 ALTERNATIVE 1: HISTORIC REHAB FOR APARTMENTS... PAGE 81 ALTERNATIVE 2: HISTORIC REHAB FOR MIXED-USE... PAGE 87 ALTERNATIVE 3: HISTORIC REHAB FOR LARGER APARTMENTS; CONDO CONVERT... PAGE CONTINGENT FEASIBILITY... PAGE 98 TECHNIQUES TO REDUCE DEVELOPMENT COSTS... PAGE 98 ADDITIONAL FINANCIAL INCENTIVES... PAGE 100 EXPANDED ON-SITE DEVELOPMENT... PAGE 102 CONCLUSIONS FOR PROJECT FEASIBILITY... PAGE 103 APPENDIX A: STAKEHOLDERS INTERVIEWED... PAGE 104 APPENDIX B: CONDO SALES IN THE STUDY AREA, PAGE 105 APPENDIX C: RENTAL MARKET INVENTORY... PAGE 107 APPENDIX D: SECRETARY'S STANDARDS FOR REHABILITATION... PAGE 108

3 0. EXECUTIVE SUMMARY The Greystone Park Psychiatric Hospital is a landmark in the landscape of Morris County, New Jersey. Designed by Samuel Sloan based on the concepts of Dr. Thomas Story Kirkbride who was a pioneer in the field of mental health treatment, Greystone s Main Building has been a stately presence for over 130 years. After decades of dwindling use, the New Jersey Division of Mental Health vacated the Main Building in 2008 and relocated the hospital to a new 450-bed facility just north of the Main Building. Since then, the State s Department of Treasury, Division of Property Management and Construction (DPMC) has been charged with the building s care and planning for its future. The objective of this project is to assess if there are viable options for redeveloping the Main Building in an economically self sustaining manner. While the State of New Jersey is concurrently working with another consultant team (led by the RBA Group) to evaluate its options for the entire acre Greystone Hospital site, this study is limited to the redevelopment potential of the Main Building only. For the purpose of facilitating the feasibility analysis, the State of New Jersey retained the consultant team consisting of Urban Partners, KSK Architects Planners Historians, and URS Corporation. CURRENT CONDITION OF THE MAIN BUILDING According to the Demolition and Site Restoration Advisory Study by the RBA Group, the structural condition of the Main Building ranges from good to failed condition. The major contributor to the continuing deterioration of the structure is the failure of the roof system, particularly on the north wing. Other contributors to the deteriorated condition of the building are the lack of climate control, vandalism, and age. Furthermore, the report states that asbestos containing materials (such as thermal system insulation, floor tiles, cove molding, window glazing, some of the wall plaster) are prevalent throughout the Main Building. Figure A. Photograph of the Administration section of the Main Building (left), 2012; and a current birds-eye view of the site (right). Independent of future decisions made based the findings of this study (i.e. the potential redevelopment of the Main Building), the State of New Jersey is planning to remove all asbestos containing materials from the Main Building, and demolish the existing underground tunnel system and all ancillary buildings that surround the Main Building. The RBA report estimates the cost of remediating asbestos containing materials in the Main Building, and demolishing the tunnel system, at $6.49 million. The feasibility analysis in this report is intended to assist the State of New Jersey determine the best course of action for the Main Building once the preliminary demolition and environmental remediation activities have been completed.

4 SECTIONS OF THE MAIN BUILDING The RBA report documents a total of 678,725 SF for the Main Building, with a footprint of 155,525 SF. The total square footage tally includes 155,525 SF of basement space. For the purpose of this study, the various sections of the Main Building will be described as the following: Administration, Center Rear, Kitchen, Services Building, North Wing, South Wing, and Brick Additions (see Figure B). Figure B: Sections of the Main Building SUMMARY OF MARKET POTENTIAL The consultant team conducted a comprehensive market analysis to identify the range of market opportunities that exist for the redevelopment of the Main Building. For each potential use examined, the consultant team assessed regional socioeconomic characteristics and trends that may influence market demand at this site. The following is a summary of market potential for the various uses examined in this section. To the extent possible, specific sections within the Main Building are matched with appropriate uses. Sales Housing Market Potential We estimate that newly built townhomes with 1,700 to 2,000 SF of living space can command prices of $240 per SF (or $408,000 to $480,000). Newly rehabbed condominium units in the Main Building, furnished with high-end amenities, can command prices of $250 per SF. The estimated absorption rate for townhomes and condominiums is two units per month. Rental Housing Market Potential We estimate that newly built apartments in the Main Building with one-, two-, and three-bedroom units furnished with high-end amenities can command rents from $1,500 to $2,500 per month. Rental housing can work in almost every section of the building, including the basement which can capture the price sensitive segment of the market. Assisted Living Facility Market Potential Sufficient demand exists to support a new assisted living facility in the Main Building. The optimal size for such a property would be approximately 100 beds (~ 45,000 SF of building space). The most appropriate location for this use is on southernmost section of the south wing. Office Market Potential Based on significant vacancies in nearby areas, additional development of office space in the Main Building appears unlikely at this time. However, a modest amount of smaller professional offices, as part of a mixed-use development consisting primarily of residential uses, may be included. The most appropriate location for this use is on the first floor or the first two floors of Center Rear section, underneath the chapel.

5 Retail Market Potential Due to the somewhat isolated nature of Greystone s location in relation to other retail clusters, as well as the poor access to major highways, opportunities for new retail development in the Main Building are very limited. Events Space Market Potential There is sufficient demand to anticipate booking 70 to 75 weddings/formal events annually in the chapel and large hall, with at least half of these at near top-of-the-market in-season rates. A greater competitive advantage can be attained if a portion of the building can be reused as a bed and breakfast, in which case an overnight package can include a bridal suite and additional guest rooms. Hotel and Lodging Market Potential Significant opportunities exist for new hotel development in the area (approximately 100 to 120 additional rooms in the next few years). The Main Building would be an attractive site for a smaller historic inn or a boutique hotel (between rooms) that relates closely to a banqueting venue on-site. The most appropriate location for this use is the Administration section. HISTORIC STRUCTURE REPORT As part of this feasibility study, KSK undertook preliminary and informal consultation with representatives of the New Jersey Historic Preservation Office and the National Park Service regarding the potential of the rehabilitation project as proposed to qualify for the Federal Historic Preservation Tax Incentives. Those conversations indicate that a substantial rehabilitation of the Main Building, accommodating primarily residential use and following the approach outlined in this report would likely receive the support of those two agencies. As stated in the HSR, the circulation corridors, selective demolition, window retention and restoration versus replacement, and other topics discussed in the Treatment Recommendations section will likely be the most difficult issues to contend with under the Tax Incentive program. The successful resolution of these issues will be prerequisite for the rehabilitation qualifying for the credits. While NPS representatives have not seen the alternative layouts developed in this feasibility study, we believe that treatment of the corridors as shown in Alternatives 1 and 2 will meet with approval from these agencies. Alternative 3, with its truncated corridors, may not. We believe that updating the building to meet current life-safety, building, accessibility, and energy codes can be accomplished in compliance with the Standards. Potential redevelopers should recognize that the Main Building will present significant restoration challenges, that in order to qualify for the tax credits certain substantial restrictions will be placed on the scope and direction of the rehabilitation, but that the value of the tax credit will more than offset those challenges. UNDERLYING ASSUMPTIONS FOR REDEVELOPMENT The following are a set of underlying assumptions from which the consultant team designed the redevelopment alternatives for the Main Building. These assumptions were compiled based on guidance from the State of New Jersey, feedback from various stakeholders who were interviewed during the study, and professional analyses performed by the consultant team. Currently, state law requires any surplus properties in the Greystone campus to be transferred to the county for preservation, conservation, and recreation purposes only. In order to pursue other redevelopment scenarios, an amendment to this legislation may need to be adopted by the State Legislature. Prior to disposition of the property to a redeveloper, the state will undertake the cleanup of asbestos containing materials and tunnel demolition at a cost of $6.5 million. The redeveloper will be asked to reimburse the state for those costs. For the purpose of minimizing further building deterioration from rainwater penetration, we assume that the State will immediately install a tarp over the damaged areas of the roof and board open

6 windows. This represents the majority of the building stabilization activities that will be performed by the State during the holding period before which the Main Building will be fully transferred to the redeveloper. In order to receive funding through the Federal Historic Preservation Tax Incentives Program, all portions of the Main Building that predates the period of significance (circa 1913) must be preserved. Under all redevelopment alternatives considered, we recommend demolishing the Kitchen building and one-story wings of the Brick Additions, both of which were erected after the period of significance concluded. Due to the implications arising from a recent Third Circuit Court decision (Historic Boardwalk Hall, LLC v. Commissioner of Internal Revenue), the historic preservation tax credit equity yield is to be estimated at 16.5% yield on the 20% tax credit. Historically, 18.5% to 19% yield had been typical in the industry prior to the court decision. For all redevelopment alternatives considered in this report, Parsippany-Troy Hills Township will need to establish new zoning for the site. Current zoning in the area is low-density residential (single-family detached homes on 80,000 SF lots). The Parsippany-Troy Hills Township Master Plan Reexamination Report of 2004 acknowledges the potential redevelopment of the site and the need for the Township to stay actively involved in the planning for the possible reuse of the facility. We assume that Parsippany Township will impose a 1.5% fee on equalized assessed value of residential development to meet its affordable housing obligations (as specified in the Township code ). The redeveloper will be responsible for obtaining new zoning for the site from the Township, as well as all other regulatory approvals from the Township, Morris County, and other jurisdictions. All construction costs are estimated using prevailing wage rates for the local area. The State owns and operates a sewage treatment facility nearby that is currently experiencing a large amount of excess capacity. However, in order for a privately owned property to utilize this treatment facility, a cooperative agreement between the redeveloper, the local jurisdiction, and the State will have to be established. REDEVELOPMENT ALTERNATIVES Based on the analyses documented above, we assess here three alternative approaches to reuse of the Greystone Main Building complex. In developing and analyzing these alternatives, we have focused on mixes of uses that arise from the market opportunities discussed above. Only one of these uses rental housing offers a large enough demand to utilize the bulk of the Main Building economically. Alternative 1: Historic Rehabilitation for Apartments This presents the highest level of preservation as well as the highest density of residential development (3.5 dwelling units per acre). The corridors are preserved intact at the north wing on all tiers and at all levels including their full width, as well as the large windows at both ends that provide natural light; corridors remain open to the mid-corridor parlors to the east. The Chapel and the Assembly Room are used as an income generating event venue accommodating up to 150 people. 315 units of rental housing (553,000 SF of gross space) Wedding/event facility (17,000 SF) Residual storage/mechanical space in the basement (100,000 SF) Surface parking (600 spaces) Development Cost Sources of Funds - Environmental Remediation $6,500,000 - First Mortgage Debt $68,200,000 - Building Stabilization $4,925,000 - Economic Equity $17,000,000 - Sitework/Utilities $6,600,000 - Historic Tax Credit Equity $16,225,000 - Building Rehab $67,975,000 Total $101,425,000 - Contingency (10%) $7,950,000 - Soft Costs $18,550,000 Funding Gap $11,075,000 Total $112,500,000

7 Alternative 2: Historic Rehabilitation for Mixed-Use This alternative attempts to minimize the housing count (2.0 dwelling units per acre) to bring the residential density level in line with likely local zoning regulations. It also maximizes the utilization of the complex by non-residential activities including a 100-bed assisted living facility, expanded office space, and a bed and breakfast facility to complement the event space in the Chapel and Assembly Room. 181 units of rental housing (421,000 SF of gross space) Assisted living facility (45,000 SF) Wedding/event facility (17,000 SF) Bed & breakfast Inn (25,000 SF) Professional office (12,000 SF) Residual storage/mechanical space in the basement (150,000 SF) Surface parking (600 spaces) Development Cost Sources of Funds - Environmental Remediation $6,500,000 - First Mortgage Debt $49,000,000 - Building Stabilization $4,925,000 - Economic Equity $13,500,000 - Sitework/Utilities $6,600,000 - Historic Tax Credit Equity $14,775,000 - Building Rehab $60,325,000 Total $77,275,000 - Contingency (10%) $7,175,000 - Soft Costs $17,500,000 Funding Gap $25,750,000 Total $103,025,000 Alternative 3: Historic Rehabilitation for Larger Apartments; Convert to Condominiums This alternative describes the development of larger apartment units which can be converted to for-sale condominiums after the 5-year historic tax credit holding period has expired. The orientation to larger units will also reduce the unit count (2.2 dwelling units per acre), a reported consideration of local officials. The event venue is eliminated and the Chapel and Assembly Room are both converted to residential use. 199 units of rental housing (520,000 SF of gross space) Residual storage/mechanical space in the basement (150,000 SF) Surface parking (600 spaces) Development Cost Sources of Funds - Environmental Remediation $6,500,000 - First Mortgage Debt $68,000,000 - Building Stabilization $4,925,000 - Economic Equity $12,000,000 - Sitework/Utilities $6,600,000 - Historic Tax Credit Equity $15,500,000 - Building Rehab $64,050,000 Total $95,500,000 - Contingency (10%) $7,550,000 - Soft Costs $17,750,000 Funding Gap $11,875,000 Total $107,375,000 SUMMARY OF FINANCIAL FEASIBILITY Based on the project constraints described in the Underlying Assumptions for Redevelopment section, the financial analysis of the three alternatives lead to the following conclusions about project feasibility: Alternative 1: Infeasible - Total sources of financing equal $ million, which is insufficient to meet the $112.5 million in estimated development costs. The financing gap for Alternative 1 is $ million. Alternative 2: Infeasible - Total sources of financing equal $ million, which is insufficient to meet the $ million in estimated development costs. The financing gap for Alternative 2 is $25.75 million. Alternative 3: Infeasible - Total sources of financing equal $95.5 million, which is insufficient to meet the $ million in estimated development costs. The financing gap for Alternative 3 is $ million.

8 CONTINGENT FEASIBILITY Based on current market conditions and on the assumptions detailed above, financing gap ranges from $ million to $25.75 million, depending on the alternative. There are, however, a number of supportive techniques which could be utilized to bridge this financing gap. These techniques have been employed previously to achieve financial feasibility for a variety of important historic properties. These techniques can generally be considered in three broad groupings: 1. Investments aimed at reducing development costs for the private redeveloper; 2. Provision of financial incentives to the redeveloper to encourage a larger private investment; and 3. Creation of additional economic value on the property by permitting new construction on vacant portions of the parcel. The potential net impacts on the financing gap by utilizing these techniques range from $3.35 million to $30 million.

9 1. INTRODUCTION The Greystone Park Psychiatric Hospital is a landmark in the landscape of Morris County, New Jersey. Designed by Samuel Sloan based on the concepts of Dr. Thomas Story Kirkbride who was a pioneer in the field of mental health treatment, Greystone s Main Building has been a stately presence for over 130 years. After decades of dwindling use, the New Jersey Division of Mental Health vacated the Main Building in 2008 and relocated the hospital to a new 450-bed facility just north of the Main Building. Since then, the State s Department of Treasury, Division of Property Management and Construction (DPMC) has been charged with the building s care and planning for its future. The objective of this project is to assess if there are viable options for redeveloping the Main Building in an economically self sustaining manner. While the State of New Jersey is concurrently working with the RBA Group to evaluate its options for the entire 90-acre Greystone Hospital site, this study is limited to the redevelopment potential of the Main Building s only. For the purpose of facilitating the feasibility analysis, the State of New Jersey retained the consultant team consisting of Urban Partners, KSK Architects Planners Historians, and URS Corporation. To familiarize itself with the building layout and the current physical condition, the consultant team conducted an inspection of the Main Building on November 2, In addition, previously prepared studies and reports were reviewed, including: the Greystone Park Psychiatric Hospital, Demolition & Site Restoration, Advisability Study (2012) by the RBA Group, the Greystone Psychiatric Hospital Facilities Assessment & Analysis (1999) by Grad Associates; the Greystone Park Psychiatric Hospital Preservation Master Plan (1998) by Building Conservation Associates, and the Main Building Facility Evaluation (1996) by Burton R. Appel Architects. The consultant team also interviewed and/or solicited input from the following individuals representing various stakeholder groups. The names of individuals interviewed are listed in Appendix A. CURRENT CONDITION OF THE MAIN BUILDING According to the Demolition and Site Restoration Advisory Study by the RBA Group, the structural condition of the Main Building ranges from good to failed condition. The major contributor to the continuing deterioration of the structure is the failure of the roof system, particularly on the north wing. Other contributors to the deteriorated condition of the building are the lack of climate control, vandalism, and age. The RBA report also documents the extent of environmental contamination in the Main Building. It states that asbestos containing materials (such as thermal system insulation, floor tiles, cove molding, window glazing, some of the wall plaster) are prevalent throughout the Main Building. The report estimates the cost of remediating asbestos containing materials in the Main Building at $4.56 million. Independent of future decisions made based the findings of this study (i.e. the potential redevelopment of the Main Building), the State of New Jersey is planning to remove all asbestos containing materials from the Main Building, and demolish the existing underground tunnel system and all ancillary buildings that surround the Main Building. The feasibility analysis in this report is intended to assist the State of New Jersey determine the best course of action for the Main Building once the preliminary demolition and environmental remediation activities have been completed. SECTIONS OF THE MAIN BUILDING The RBA report documents a total of 678,725 SF for the Main Building, with a footprint of 155,525 SF. The total square footage tally includes 155,525 SF of basement space. For the purpose of this study, the various sections of the Main Building will be described as the following: Administration, Center Rear, Kitchen, Services Building, North Wing, South Wing, and Brick Additions (see Figure 1).

10 Figure 1: Sections of the Main Building This report is organized in these following six sections: *** - Introduction - Demographics - Market Analysis - Historic Structure Report - Underlying Assumptions for Redevelopment - Redevelopment Alternatives - Appendices

11 2. DEMOGRAPHICS The Greystone Hospital is located in the Parsippany-Troy Hills Township. For the purposes of the following population and housing stock analyses, the Study Area includes the entire Parsippany-Troy Hills Township (Parsippany Township henceforth) and these adjacent municipalities: Morris Plains Borough, Morris Township, Town of Morristown, and Denville Township. According to the 2010 U.S. Census Report, the total population of Parsippany Township is 53,238, which is 5.1% larger than what was reported in the 2000 Census. Parsippany Township is the largest municipality within Morris County, comprising 10.8% of the total population (see Table 1). Table 1: Total Population in the Study Area, 2000 and 2010 Municipality Total Population 2000 Total Population 2010 Change in Population (%) Parsippany Twp. 50,649 53, % Denville Twp. 15,824 16, % Morris Twp. 21,796 22, % Morris Plains Boro. 5,236 5, % Town of Morristown 18,544 18, % Morris County 470, , % Source: U. S. Census Bureau There was an increase in the total number of households in Parsippany Township between 2000 and 2010, but at a slower rate than the rate of population increase. The number of households grew by 3.3% during this period, increasing the persons-per-household ratio from 2.58 to 2.63 (see Table 2). Table 2: Households Trends, Municipality Total Households 2000 Total Households 2010 Change in Households (%) Parsippany Twp. 19,624 20, % Denville Twp. 5,990 6, % Morris Twp. 8,116 8, % Morris Plains Boro. 1,955 2, % Town of Morristown 7,252 7, % Morris County 169, , % Source: U.S. Census Bureau The North Jersey Transportation Planning Authority forecasts a slight population decrease for Parsippany Township in the next 25 years. NJTPA estimates that Parsippany Township will lose 434 people by the year 2035, which represents a change of -0.8% from 2010 to Among the municipalities examined, only the Town of Morristown is projected to outpace the population growth of the county (see Table 3). Table 3: Forecasted Population for the Study Area, Municipality 2010 Census 2015 Forecast 2025 Forecast 2035 Forecast Absolute change Percentage change Parsippany Twp. 53,238 51,508 51,246 52, % Denville Twp. 16,635 16,606 16,617 17, % Morris Twp. 22,306 22,150 22,416 22, % Morris Plains Boro. 5,532 5,085 4,976 5, % Town of Morristown 18,411 20,193 20,148 22,218 3, % Morris County 492, , , ,528 31, % Source: North Jersey Transportation Planning Authority

12 The number of households and housing units in Parsippany Township grew by 3% between 2000 and Most of the housing units were occupied in 2010 (95%) but the number of vacant units more than doubled since 2000 (see Table 4). Table 4: Parsippany Township Households, Housing Units, and Tenure (%) (%) % Change ( ) Households 19,624 20,279 3% Housing units 20,066 21,274 6% Occupied units 19,624 98% 20,279 95% 3% Vacant units 442 2% 995 5% 125% Owner occupied 11,867 60% 12,693 63% 7% Renter occupied 7,757 40% 7,586 37% -2% Source: U. S. Census Bureau The most reliable data for the Study Area s household income come from the U.S. Census Bureau s American Community Survey (ACS), which reports that the median household income for Parsippany Township is $87,032. This represents a 28% increase between 2000 and 2011, but after adjusting for inflation, only a one-percent increase can be observed (see Table 5). Table 5: Median Household Income in 2000 and 2011 Municipality Median Household Income 2000 Median Household Income 2011 % Change % Change CPI Adjusted Parsippany Twp. $68,133 $87,032 28% 1% Denville Twp. $76,778 $107,866 40% 11% Morris Twp. $101,902 $132,267 30% 3% Morris Plains Boro. $84,806 $102,721 21% -4% Town of Morristown $57,563 $62,600 9% -14% Morris County $77,340 $98,148 27% 0% Source: U.S. Census Bureau According to the 2011 ACS, 77% of Parsippany Township s homes were built prior to 1970 and only 1% was added to the housing stock since The median year built for the homes located in Parsippany Township is 1967, which is one year older than the county as a whole (see Table 6). Table 6: Age of Housing Stock Municipality Parsippany Twp. Denville Twp. Morris Twp. Morris Plains Boro. Town of Morristown Morris County Built 2005 or later 1% 3% 1% 0% 3% 2% Built 2000 to % 5% 1% 6% 4% 6% Built 1990 to % 18% 13% 2% 5% 12% Built 1980 to % 5% 16% 14% 10% 12% Built 1970 to % 11% 11% 9% 12% 15% Built 1960 to % 13% 23% 12% 12% 16% Built 1950 to % 20% 17% 24% 12% 16% Built 1940 to % 7% 5% 12% 9% 7% Built 1939 or earlier 5% 17% 13% 20% 34% 14% Median Year Built Source: U.S. Census Bureau

13 3. MARKET ANALYSIS FOR-SALE HOUSING MARKET The for-sale housing market was analyzed for Parsippany Township and nearby municipalities in order to identify trends in residential real estate and to determine the potential for new for-sale residential development at Greystone and its associated pricing. Using Win2Data, which is a real estate database service that was utilized for this study, sale prices for condominium units were obtained for a two-year period between November 2010 and October 2012 (see Appendix B for a detailed list of all sales). According to Win2Data, there were 135 condominium units sold in a ten-mile radius of Greystone during that period, with an average sales price of $195,169 or $208/SF. The unit sizes for the homes being sold ranged from 823 SF to 1,132 SF, with an average size of 936 SF (see Table 7). Table 7: Total Sales and Average Sale Prices, Municipality # of Sales Average Sales Price Average $/SF Average Size of Home Being Sold Parsippany Twp. 24 $142,979 $ SF Denville Twp. 3 $275,500 $243 1,132 SF Morris Twp. 16 $177,338 $ SF Morris Plains Boro. 14 $223,268 $218 1,022 SF Town of Morristown 21 $285,019 $ SF Town of Dover 9 $162,167 $151 1,070 SF Hanover Twp. 20 $217,999 $ SF Rockaway Boro. 6 $176,667 $ SF Rockaway Twp. 20 $151,460 $ SF Victory Gardens Boro. 2 $116,250 $ SF Source: Win2Data Total 135 $195,169 $ The majority of the higher priced condominium sales occurred in the Town of Morristown, most notably at the 40 Park development at which a 1,096 SF unit was sold for $582,000 and a 947 SF unit was sold for $499,000. Overlooking the Morristown Green, 40 Park is a 73 unit condominium complex recently completed by the Roseland Property Company. Between March of 2010 and November of 2011, Win2Data reports 28 new condo sales at 40 Park with an average price of $760,000. As of this writing, four penthouse units are on the market with sale prices ranging from $1 million to $2 million (see Figure 2). Figure 2: The 40 Park Development in Morristown 40 Park with commercial space on the ground floor Balcony of a penthouse unit overlooking the Morristown Green

14 In addition to condominiums, the consultant team utilized information obtained from Win2Data to examine the sales activity of townhomes that are in close proximity to Greystone. Located approximately 1.5 miles north along Old Dover Road, Glenmont Commons is a 264-unit townhome community that was completed in 2005 (see Figure 3). In the last three years, 31 attached townhomes have been sold at Glenmont Commons with an average price of $410,000 (or $216 per SF), while ten attached townhomes have sold for an average price of $637,000 (or $200 per SF). Figure 3: Glenmont Commons in Parsippany Skyview Heights, located along Meadow Bluff Road just north of Old Dover Road, is a 188-unit townhome community that was built in the 1990 s. In the last three years, 22 townhomes have been sold at Skyview Heights with an average price of $376,000 (or $201 per SF). Conclusion: Based on the analysis of recent home sales activity near Greystone, we estimate that newly built townhomes with 1,700 to 2,000 SF of living space can command prices of $240 per SF (or $408,000 to $480,000). Considering that homes at Glenmont Commons, during the peak residential boom period, was being absorbed at about three to four units per month, we estimate that new townhomes this in this area could be absorbed at the rate of two units per month. Brand new condominiums at 40 West in Morristown are averaging $760,000, but this property is unlikely to represent a good market comparison for the Greystone area. 40 West is located in a downtown setting near retail establishments, an urban square, and the train station. We estimate that newly rehabbed condominium units in the Main Building, furnished with high-end amenities, can command prices of $250 per SF. Similar to the projected pace of new townhome sales, we estimate that new condominium units can be absorbed at the rate of two units per month.

15 RENTAL HOUSING MARKET According to the 2011 ACS, rental housing represents 31% of the housing market in the five municipalities examined in the Demographics section of this report. This housing stock is relatively old, with 80% of the units being built prior to 1979 (see Table 8). Table 8: Year Renter Occupied Structure Built Year Built Number Percentage Built 2005 or later 173 1% Built 2000 to % Built 1990 to % Built 1980 to ,476 11% Built 1970 to ,280 24% Built 1960 to ,898 21% Built 1940 to ,768 20% Built 1939 or earlier 2,021 15% TOTAL 13,890 Source: U.S. Census Bureau Thirty-two percent of the renter occupied units are located in structures that have less than four units, with 36% of the units being in structures larger than 20 units (see Table 9). Table 9: Number of Units in Renter Occupied Structures Number of Units Number Percentage Less than 4 4,432 32% 5 to % 10 to 19 3,424 25% 20 to 49 2,368 17% 50 or more 2,695 19% Mobile Home, Boat, RV, etc. 21 0% Source: U.S. Census Bureau In the study area, there are seven major apartment complexes (see below and Appendix C): Highlands at Morris Plains is a three-story garden style apartment complex located near the intersection of East Hanover Road and Route 202. The complex has 116 units with amenities such as fitness center, security alarm, gourmet kitchens, washer/dryers, dishwashers, central HVAC, walk-in closets, and patios/balconies. One-bedroom units range from $1,750 to $1,925 per month ($2.12 to $2.54 per SF); and two-bedroom units rent from $2,088 to $2,270 ($1.83 to $1.96 per SF). Utilities are included in these rents, but additional charges apply for parking and the TV package. At the time this report was written, two units were available. Highlands at Morristown Station is a five-story midrise apartment complex located adjacent to the Morristown Train Station. The complex has 116 units with amenities such as fitness center/yoga studio, outdoor pool, community center, security alarm, gourmet kitchens, and washer/dryer in unit. Short walking distance to the Morristown Train Station is prominently featured as a selling feature. One-bedroom units range from $1,871 to $2,686 per month ($2.52 to $2.83 per SF); and twobedroom units rent from $2,583 to $3,235 ($2.40 to $2.60 per SF). Utilities are included in these rents, but additional charges apply for parking and the TV package. At the time this report was written, nine units were available.

16 Figure 4: Major Apartment Complexes Near Greystone Highlands at Morris Plains Highlands at Morristown Station Sterling Parc Powder Mill Heights Morris Crossing is a townhome style apartment complex located in Morris Township, about.5 miles south of the Morris Plains border. The complex has 123 units with amenities such as gourmet kitchens, luxury baths, and garages in some of the units. One-bedroom units range from $1,750 to $1,835 per month ($2.16 to $2.83 per SF); two-bedroom units rent from $2,100 to $2,475 ($1.90 to $1.97 per SF); and three-bedroom units rent from $2,380 to $2,595 ($1.71 to $1.78 per SF). Utilities are included in these rents, but additional charges apply for parking and the TV package. At the time this report was written, four units were available. Sterling Parc is a townhome style apartment complex located in Cedar Knolls, between Ridgedale Avenue and I-287. The complex has 258 units with amenities such as fitness center, club house, outdoor pool, spa, wifi, washer/dryer in unit, separate dining room, balcony, and off-street parking. One-bedroom units range from $1,848 to $1,904 per month ($2.57 to $2.66 per SF); and twobedroom units rent from $2,138 to $2,468 ($2.21 to $2.66 per SF). Utilities are included in these rents. At the time this report was written, 16 units were available. Old Forge Village East is a townhome style apartment complex located in Morris Township, about.5 miles south of the Morris Plains border. The complex has 311 units with amenities such as swimming pool, basketball court, and on-site laundry facility. One-bedroom units range from $1,325 to $1,475 per month ($1.48 to $1.49 per SF); two-bedroom units rent from $1,780 to $1,930 ($1.48 to $1.61 per SF); and three-bedroom units rent from $2,125 to $2,275 ($1.21 to $1.29 per SF). Tenant pays all

17 utilities except for water/sewer, and parking permits cost $100 per month. At the time this report was written, vacancy information was not available. Jacob Ford Village is a townhome style apartment complex located in Morristown just east of I-287. The complex has 270 units with amenities such as new kitchens, on-site laundry facility, separate dining room, and close proximity to a community park. One-bedroom units range from $1,640 to $1,670 per month ($2.51 to $2.58 per SF); and two-bedroom units rent from $1,780 to $1,995 ($2.03 to $2.33 per SF). All utilities are included, but additional charges apply for parking. At the time this report was written, ten units were available. Powder Mill Heights is a ten-story midrise apartment complex located in Parsippany Township just west of the Morris Plains border. The complex has 356 units with amenities such as a clubhouse with indoor pool, health club, gourmet kitchens, whirlpool baths, and washer/dryer in unit. Powder Mill Heights is located on the side of a mountain and boast spectacular views facing east. One-bedroom units range from $1,750 to $1,800 per month ($1.59 to $1.61 per SF); two-bedroom units rent from $1,950 to $2,100 ($0.95 to $1.20 per SF); and three-bedroom units rent from $2,400 to $3,000 ($1.03 to $1.13 per SF). All utilities are included, but additional charges apply for parking. At the time this report was written, five units were available. Conclusion: There is a very strong market for higher quality apartment complexes that feature amenities such as a swimming pool, air conditioning, a fitness center, a clubhouse, a tennis/basketball court, and parking. One-bedroom units are renting on the average $2,058 per month (or $2.25 per SF); two-bedroom units at $2,544 per month (or $1.94 per SF); and three-bedroom units at $2,462 per month (or $1.36 per SF). The highest rents among the complexes examined were found at the Highlands at Morristown Station, which is a five-story midrise apartment complex located adjacent to the Morristown Train Station. Rents for onebedroom units range from $1,871 to $2,686 per month ($2.52 to $2.83 per SF), and two-bedroom units rent from $2,583 to $3,235 ($2.40 to $2.60 per SF). With amenities such as fitness center/yoga studio, outdoor pool, community center, security alarm, gourmet kitchens, and washer/dryer in unit, the Highlands at Morristown Station is marketed as luxury rental housing. Short walking distance to the Morristown Train Station is also prominently featured as a selling feature. Although inflated by a factor of 15-20%, current rents at the Highlands at Morristown Station are likely to represent a good market comparison for proposed new rental homes in the Main Building. Given the architectural significance of the building, as well as close proximity to the county recreational facilities, we estimate that newly built apartments in the Main Building with one-, two-, and three-bedroom units can command rents from $1,500 to $2,500 per month. Specifically, we estimate that one-bedroom units (approximately 550 SF to 800 SF) can be rented at $2.30 to $2.75 per SF per month, two-bedroom units (approximately 800 to 1,300 SF) can be rented at $1.70 to $2.30 per SF per month, and three-bedroom units (approximately 1,450 SF) can be rented at $1.75 per SF per month.

18 ASSISTED LIVING FACILITY MARKET Though services offered at assisted living facilities vary greatly from one facility to another, by definition, the level of care provided to patients fall between home care and skilled nursing homes. Typical residents at these facilities are seniors who require some help in day-to-day chores and routine health monitoring but do not need 24-hour nursing care. Continuing growth in the senior population (65 years of age and older) will fuel growing demands for assisted living facilities. According to the 2010 Census, the median age for Parsippany Township is 40.5 and the percentage of residents over 65 years of age is 13.7%. Just ten years prior in 2000, the median age for the Township was 37.6 and 11.2% of the residents were over 65 years of age. This aging trend is duplicated for all municipalities examined in Table 10, with the exception of Morristown. Table 10: Senior Population, Municipality Median Age 2000 Population over 65 years 2000 (%) Median Age 2010 Population over 65 years 2010 (%) Parsippany Twp % % Denville Twp % % Morris Twp % % Morris Plains Boro % % Town of Morristown % % Morris County % % Source: U.S. Census Bureau In a seven mile radius of Greystone, the consultant team was able to obtain occupancy information for seven assisted living residences with an aggregate total of 657 beds. At the time this report was written, 625 beds were occupied which represents an occupancy rate of 95% (see Table 11). Table 11: Assisted Living Residences Nearest to Greystone Facility Beds Occupied Beds Occupancy Rate Municipality Distance from Greystone Sunrise Assisted Living Of Morris Plains % Morris Plains 0.00 miles Franciscan Oaks Continuing Retirement % Denville 2.67 miles Arden Courts of Whippany % Whippany 3.85 miles Spring Hills At Morristown % Morristown 4.34 miles Care One At Morris % Parsippany 4.54 miles Brighton Gardens of Florham Park % Florham Park 6.73 miles Saint Anne Villa % Florham Park 6.73 miles TOTAL % Source: NJ Department of Health, Urban Partners Conclusion: Based on high occupancy rates observed at nearby assisted living facilities, as well as demographic projections that forecast a growing percentage of seniors in Morris County in decades to come, sufficient demand exists to support a new assisted living facility in the Main Building. The optimal size for such a facility would be approximately 100 beds, which will require 45,000 SF of building space.

19 OFFICE MARKET To identify the Main Building s potential for new professional office development, as well as rents that could be commanded, the consultant team assessed current office market conditions and listings in the vicinity of Greystone. The most significant cluster of office buildings is located in the Mack-Cali Business Campus, which is a 600- acre office complex that consists of 2.4 million SF of Class-A space in 17 buildings. Operated by a real estate investment trust by the same name, the Mack-Cali Business Campus is located less than four miles away from Greystone. Moreover, Mack Cali owns and operates an additional 1.55 million SF of office space in Morris Plains, Morris Township, and Parsippany. Figure 5 below lists the 227,000 SF of available space in seven Mack Cali office buildings. Figure 5: Available Office Space in Mack Cali Owned Buildings 201 Littleton Rd. (Morris Plains) Available Space: 19,839 SF Total Building: 88,369 SF Maple Plaza I (Parsippany) Available Space: 47,453 SF Total Building: 147,475 SF Maple Plaza II (Parsippany) Available Space: 31,975 SF Total Building: 148,291 SF 4 Century Dr (Parsippany) Available Space: 37,552 SF Total Building: 100,036 SF 5 Sylvan Way (Parsippany) Available Space: 16,954 SF Total Building: 151,383 SF 600 Parsippany Rd. (Parsippany) Available Space: 15,527 SF Total Building: 96,000 SF 5 Wood Hollow Rd (Parsippany) Available Space: 57,570 SF Total Building: 317,040 SF Total building SF for the listed properties: 1,048,594 SF Total available space: 226,924 SF (22%) Source:

20 In addition to Mack Cali properties, an additional 424,000 SF of available Class-A and Class-B office space was identified. Table 12 shown below summarizes the current listings. Table 12: Selected Multi-Tenant Office Supply Near Greystone Name/Location 3 Campus Dr. Parsippany Available SF Price/SF/ Year Lease Type Class Amenities 81,000 Negotiable Negotiable A Fully approved site to be delivered within 12 months. Shuttle service to Morris Plains Train Station. 100 below grade parking spaces. Parsippany Commerce Center 4,197 $24.50 Modified gross A Completely renovated in 1994 with a three-story atrium. Parsippany Gatehall IV Parsippany 46,226 Negotiable Negotiable A On-site hotel and conference facilities, banking, dry cleaning, child care, health club, and restaurants. Four-story atrium with a waterfall and lush interior landscaping. The 9 at Entin Rd. Parsippany 139,298 $22.00 Modified gross A New lobby and new on-site food service. Cedar Knolls Corporate Center Cedar Knolls 62,212 $17.75 Tenant pays electric A 118,000 SF building. On-site food service and parking ratio of 4 per 1,000 SF Parsippany Place Parsippany 36,460 $22.00 Negotiable A Two-story atrium and facade of glass curtain wall with double termopane windows. Raw space. 210 Malapardis Rd. Cedar Knolls 15,200 $18.00 Tenant pays electric B Beautifully redone two-story, 32,000 SF building. Parking: 5 per 1,000 SF. Woodmont Office Park Parsippany 2,860 $20.00 Full Service B A professional building with abundant parking. 24/7 access and each unit is separately metered for all gas heat and electric. Crossroads Corporate Center Parsippany 8,489 $22.00 Tenant pays electric B Completely renovated in Sylvan Way Parsippany 19,942 $16.00 Modified gross B Located Parsippany Corporate Center. Lobby and common areas recently refurbished. Source: loopnet.com, NAI Global, Cushman & Wakefield As shown in Table 12, asking rents for Class-A space range from $17.75/SF to $24.50/SF. The highest rent of $24.50/SF (modified gross) is at the Parsippany Commerce Center, which is a three-story, 152,261 SF building located just off of Route 10 and I-287. Originally built in 1976 and renovated in 1994, major tenants in the building include Delta Dental Plan of New Jersey and Macro Consulting Group. Asking rents for Class-B space range from $16/SF to $22/SF. The highest rent of $22/SF (plus electric) is at the Crossroads Corporate Center, which is located on Pomeroy Road just off of I-287 in Parsippany. This threestory building, which was renovated in 1998, has a total of 76,232 SF.

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